AUB to raise capital stock to P72.5 billion

ASIA United Bank Corp. (AUB) will increase its authorized capital stock to strengthen its balance sheet for long-term expansion. AUB’s capital will be increased by 393% to P72.5 billion from P14.7 billion previously, subject to regulatory approvals, the bank said in a disclosure to the stock exchange on Friday. “Supported by our strong financial results, low cost of funds, and robust asset quality, we are laying the groundwork for sustained, long-term profitability. We remain deeply optimistic about AUB’s growth trajectory as we continue to innovate, scale our digital capabilities, and deliver greater value to our shareholders and clients,” AUB Chairman Abraham T. Co said. The bank said the capital increase will let them pursue “organic growth,” support its growing commercial and consumer lending operations, and expand its digital platforms, such as its e-wallet HelloMoney and cross-border payment system AUB PayMate. These digital expansion plans are in line with AUB’s “future-ready” roadmap. “As financial landscapes rapidly evolve, we are doubling down on expanding our digital ecosystem by embedding cutting-edge technology into every facet of our operations to deliver frictionless banking experiences, capture new growth corridors, and maintain our trajectory of sustainable, technology-led profitability,” AUB President Manuel A. Gomez said. AUB’s net income inched up by 0.17% to P2.99 billion in the second quarter. For the first half, its profit rose by 1.01% year on year to P6.19 billion. — A.M.C. Sy